IslamicFinance.de

Although Islamic banking in still its infancy in sub-Saharan Africa, it is heading for its breakthrough. By the end of this decade it’s quite possible that banking complying with Shariah law could grow to account for up to 10 per cent of banking assets in five or six sub-Saharan African countries, including Kenya and Nigeria. With the first licenses granted in Kenya just 5 to 6 years ago, that would make Africa’s leap into Islamic banking much faster than markets such as Pakistan and Indonesia, where Islamic financial services have been available for longer. Standard Chartered sees Africa as the next frontier for the industry. That’s why the company will be launching its Islamic banking brand, Saadiq, in Kenya shortly, with plans to expand into other countries in both East and West Africa in the future.